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Side-by-side financial comparison of VARONIS SYSTEMS INC (VRNS) and Waldencast plc (WALD). Click either name above to swap in a different company.
VARONIS SYSTEMS INC is the larger business by last-quarter revenue ($173.1M vs $108.8M, roughly 1.6× Waldencast plc). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 17.8%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-13.9M).
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
Waldencast plc is a global multi-brand platform focused on acquiring, developing and scaling high-growth premium niche brands across the beauty, personal care and wellness sectors. It operates primarily across North America and European markets, with core offerings including clean skincare, haircare, color cosmetics and wellness products targeted at quality-focused consumers.
VRNS vs WALD — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2023
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $108.8M |
| Net Profit | — | $-60.6M |
| Gross Margin | 76.0% | 67.5% |
| Operating Margin | -1.7% | -42.9% |
| Net Margin | — | -55.7% |
| Revenue YoY | 26.9% | 17.8% |
| Net Profit YoY | — | — |
| EPS (diluted) | — | $-0.65 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $173.1M | — | ||
| Q4 25 | $173.4M | — | ||
| Q3 25 | $161.6M | — | ||
| Q2 25 | $152.2M | — | ||
| Q1 25 | $136.4M | — | ||
| Q4 24 | $158.5M | — | ||
| Q3 24 | $148.1M | — | ||
| Q2 24 | $130.3M | — |
| Q1 26 | — | — | ||
| Q4 25 | $-27.8M | — | ||
| Q3 25 | $-29.9M | — | ||
| Q2 25 | $-35.8M | — | ||
| Q1 25 | $-35.8M | — | ||
| Q4 24 | $-13.0M | — | ||
| Q3 24 | $-18.3M | — | ||
| Q2 24 | $-23.9M | — |
| Q1 26 | 76.0% | — | ||
| Q4 25 | 78.9% | — | ||
| Q3 25 | 78.2% | — | ||
| Q2 25 | 79.5% | — | ||
| Q1 25 | 78.7% | — | ||
| Q4 24 | 83.6% | — | ||
| Q3 24 | 83.8% | — | ||
| Q2 24 | 82.8% | — |
| Q1 26 | -1.7% | — | ||
| Q4 25 | -17.5% | — | ||
| Q3 25 | -22.2% | — | ||
| Q2 25 | -24.0% | — | ||
| Q1 25 | -32.1% | — | ||
| Q4 24 | -11.1% | — | ||
| Q3 24 | -16.0% | — | ||
| Q2 24 | -22.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | -16.0% | — | ||
| Q3 25 | -18.5% | — | ||
| Q2 25 | -23.5% | — | ||
| Q1 25 | -26.2% | — | ||
| Q4 24 | -8.2% | — | ||
| Q3 24 | -12.4% | — | ||
| Q2 24 | -18.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | $-0.23 | — | ||
| Q3 25 | $-0.26 | — | ||
| Q2 25 | $-0.32 | — | ||
| Q1 25 | $-0.32 | — | ||
| Q4 24 | $-0.12 | — | ||
| Q3 24 | $-0.16 | — | ||
| Q2 24 | $-0.21 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $179.3M | $21.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $453.5M | $624.6M |
| Total Assets | $1.6B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $179.3M | — | ||
| Q4 25 | $883.7M | — | ||
| Q3 25 | $671.3M | — | ||
| Q2 25 | $770.9M | — | ||
| Q1 25 | $567.6M | — | ||
| Q4 24 | $529.0M | — | ||
| Q3 24 | $844.8M | — | ||
| Q2 24 | $582.5M | — |
| Q1 26 | $453.5M | — | ||
| Q4 25 | $598.7M | — | ||
| Q3 25 | $604.8M | — | ||
| Q2 25 | $341.5M | — | ||
| Q1 25 | $367.7M | — | ||
| Q4 24 | $455.7M | — | ||
| Q3 24 | $428.6M | — | ||
| Q2 24 | $458.6M | — |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.1B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $55.0M | $-13.4M |
| Free Cash FlowOCF − Capex | $49.0M | $-13.9M |
| FCF MarginFCF / Revenue | 28.3% | -12.7% |
| Capex IntensityCapex / Revenue | — | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $118.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $55.0M | — | ||
| Q4 25 | $24.7M | — | ||
| Q3 25 | $33.4M | — | ||
| Q2 25 | $21.3M | — | ||
| Q1 25 | $68.0M | — | ||
| Q4 24 | $24.3M | — | ||
| Q3 24 | $22.5M | — | ||
| Q2 24 | $11.7M | — |
| Q1 26 | $49.0M | — | ||
| Q4 25 | $20.7M | — | ||
| Q3 25 | $30.4M | — | ||
| Q2 25 | $18.0M | — | ||
| Q1 25 | $65.7M | — | ||
| Q4 24 | $19.9M | — | ||
| Q3 24 | $21.3M | — | ||
| Q2 24 | $10.9M | — |
| Q1 26 | 28.3% | — | ||
| Q4 25 | 12.0% | — | ||
| Q3 25 | 18.8% | — | ||
| Q2 25 | 11.8% | — | ||
| Q1 25 | 48.1% | — | ||
| Q4 24 | 12.6% | — | ||
| Q3 24 | 14.4% | — | ||
| Q2 24 | 8.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.3% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 0.8% | — | ||
| Q2 24 | 0.6% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
WALD
Segment breakdown not available.
